The number of cryptocurrency millionaires surged by 95% in a year, reaching 172,300
Hong Kong has become the world's second-largest cryptocurrency center.Author: Barun Chinese
The latest report from wealth and immigration consultancy Henley & Partners shows that, driven by regulatory approvals, rapidly increasing adoption rates, and the rise of the "cryptocurrency elite," the number of cryptocurrency millionaires has doubled in the year ending June 30, 2024.
In the 12 months ending in June, cryptocurrency adoption increased by 31%, with the total number of global users reaching 560 million. Meanwhile, as of June 30, the total market capitalization of cryptocurrencies nearly doubled to $2.3 trillion. The report states that in March of this year, Bitcoin's price peaked at $73,000, with the number of investors reaching 275 million and a market cap of $1.2 trillion, an increase of 103% from the previous year.
The surge in cryptocurrency prices and the significant increase in adoption have created a new wave of millionaires.
In the 12 months ending in June, the number of cryptocurrency millionaires reached 172,300, nearly doubling, with Bitcoin millionaires more than doubling to 85,400, accounting for about half of the total number of millionaires.
The number of centi-millionaires, or those holding at least $100 million in cryptocurrency, increased from 181 last year to 325 this year, with Bitcoin investors making up about half of the total.
The number of cryptocurrency billionaires stands at 28, including the Winklevoss twins (Brett Winklevoss and Cameron Winklevoss), SecondMarket founder Barry Silbert, MicroStrategy co-founder Michael Saylor, and Binance founder Changpeng Zhao. According to MarketWatch, Zhao was convicted of money laundering earlier this year by a California court and sentenced to four months in prison.
The growth in the number of people becoming wealthy through cryptocurrency is largely due to a shift in regulatory winds, making cryptocurrencies more standardized. The approval of cryptocurrency spot ETFs in the U.S. in January marked the beginning of a new era of institutionalization.
Dominic Volek, head of private clients at Henley & Partners, stated in the report, "The highly anticipated Bitcoin spot ETF and Ethereum spot ETF, once approved in the U.S., attracted a significant amount of institutional capital."
Henley & Partners' analysis of "global cryptocurrency centers" ranks the U.S. fourth, incorporating assessments of factors such as regulation, infrastructure adoption, technological strength, and tax friendliness. Singapore, which recently implemented a regulatory framework for crypto assets and has advantages in infrastructure, technology, and economic indicators, ranks first. Hong Kong, which approved cryptocurrency spot ETFs in January, ranks second, while the United Arab Emirates, scoring highest in tax friendliness, ranks third.
